The Transatlantic Trade And Investment Partnership

1439 WordsApr 28, 20166 Pages
The Transatlantic Trade and Investment Partnership is nothing short of a hot-button issue in both the European Union, and to a lesser extent, the United States. The agreement would open up barriers that have previously been closed, and smooth out road bumps that made transatlantic trade a hassle from both sides of the Ocean. But that road has been a long time coming, and the end is hardly in sight. The partnership was first proposed in 2013, and was predicted to be finalized by 2014. Today, economists predict that the date of completion will fall somewhere between 2019 and 2020 (Blenkinsop). But what is to blame for the hold up? It is true that the partnership faces fierce civilian opposition on both sides, but surely angry mobs armed…show more content…
Despite the fact that it is commonplace in both US and EU law, the subtle differences between the two practices have been a massive source of contention in the TTIP negotiations. One must beg the question, where will the compromise be found? It is clear that in order for TTIP to see passage, either the United States will need to tighten their laws, or the European Union will need to loosen theirs. An ideal solution to this issue would be a comprimise that takes into account the economic costs and benefits of US and EU GI regulations. Current Status of GI’s in the US and Europe Although held in different respects, geographic indication is on the books in both the European Union and the United States, as both are signatories to the TRIPS agreement. The TRIPS agreement, or the Agreement on Trade-Related Aspects of Intellectual Property Rights, was enacted in 1995 during the negotiations of the General Agreement on Tariffs and Trade (“Overview: The TRIPS Agreement). The agreement has set the standard of how GI’s are to be handled across the members of the WTO, although it provides room for discrepancies. Because of this, geographical indication is not a practice scoffed at or ignored in the United States. If a carton of orange juice is labelled as “Florida Orange Juice”, one can rest assured that the product did originate in the sunshine state, or else the company would be at a massive risk of being sued. Likewise, if TTIP were to pass,
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